Title
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FP-22-05-14, Babcock Ranch Community Crescent Lakes Phase 1
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Requested Motion/Action
Department Making Request
recommendation
Community Development
Approve a Bond Release for the Final Plat of a residential subdivision named, Babcock Ranch Community Crescent Lakes Phase 1. The site contains 111.47± acres and is generally located south of Panther Drive, north of Cypress Parkway, west of the County line with Glades County and east of Babcock Trail. The site is within the boundary of the Babcock Ranch Community Development of Regional Impact (DRI) Increment 2, the East County area. Located in Commission District I.
Quasi-Judicial
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Agenda Item Type
Consent
Budgeted Action:
No action needed.
Background (Why is this Action Necessary, and What Action will be accomplished)
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Background:
On behalf of Meritage Homes of Florida, Inc., Barraco and Associates, Inc. is requesting a bond release of the approved surety provided by Argonaut Insurance Company under Bond No. SUR0075808, in the amount of $386,012.28 for the completion of the remaining infrastructure for Babcock Ranch Community Crescent Lakes Phase 1. The residential subdivision, consisting of 193 single-family lots and 16 tracts with supporting utility, roadway, and stormwater infrastructure, and was granted Final Plat approval by the Board of County Commissioners on March 28, 2023.
At the time of Final Plat application, the applicant was granted approval of a Development Agreement and surety in the amount of $6,796,298.80, to ensure the completion of the plat infrastructure. On November 28, 2023, the Board approved a bond reduction and the First Amendment to the Development Agreement for this subdivision, reducing the amount of the approved surety from $6,796,298.80 to $386,012.28.
All work has been completed and accepted by the Public Works Department and the County Engineer.
What Action will be accomplished?
If approved, the surety bond will be released.
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